Growth hacking is about rapid experimentation and measuring results, then doubling down or moving on. It can grow your business fast. Not everything you do, however, is guaranteed to be good for your business.
Check out these growth hack fails that could cause you to stumble or otherwise hold you back from realizing your potential.
1. Not optimizing your product or service before you grow
Before implementing any growth strategy, it is imperative to focus on your early-stage users. Make your customer experience as good as you can, because when you grow, you want people to be seeing your best, not your bugs.
Your early adopters are incredibly important. Don’t lose sight of them because you are looking over their heads towards your future growth.
Attempting to grow too fast leaves you trying to sell a product or service that may be premature or may lack a solid customer base. A referral program that launches without enough customers to get the ball rolling, for example, can result in wasted time, money, and effort.
2. Using old data and research (or not bothering to research at all)
Growth-hacking is about data-driven result-oriented strategies. Accurate data.
Don’t just copy another company’s technique. Just because it worked for them does not mean it will work for you. Take into consideration your unique product or service, your position in the market, your goals, your customers, and the different period.
Even if you model yourself on a business in a similar niche, many factors will be different. Base your growth tactics on your own data and research.
Before you grow, you must understand your customers and their behavior.
3. Focusing on features, not benefits
Your product might be the best on the market because of its awesome features and functions. If you want to engage your audience and excite them, however, tell them how your product will benefit them.
Make your customers and potential customers think about how their life could be better with your product or service. Don’t ask them to work it out for themselves.
4. Spending all your money
Although you won’t now make one of the mistakes above, you can still do everything “right” and hit an unseen speed bump.
Ride out changes in circumstances by maintaining a buffer and not investing everything you have in your growth hacking techniques. At the very least, diversify your spending channels. Shy away from investing too heavily in one thing.
5. Focusing on short-term growth
Just because growth hacking is fast does not mean that it is short-term. It is long-term and sustainable.
Don’t be tempted, therefore, to buy email lists, social media engagement, and followers. If your customers are not real, neither is the foundation of your business.
Know your product, know your customers, and know your competitors. When you can check these three points, you are in a better position for successful growth hacking.